Queens Real Estate Market Report: Q4 2024, a quarterly report produced by the Queens Home Team at Keller Williams Realty Landmark II. Need Help? Contact Us
Market Snapshot
Welcome to the year-end market wrap up. Now that 2024 is in the books, we can look at all of the data to see how things played out and what the trends looked like in the last quarter of the year. As far as home sales are concerned, Q4 showed home sales dropping modestly both quarter over quarter and year over year. Average days on market also came down to about 75 days.
In terms of home prices, in Q4 the median price for a home in Queens was $697K. That’s up from $655K in Q4 2023 and flat from the previous quarter. New listings continued to be sluggish with a drop in new listings from the previous quarter, and a slight increase in new listings compared to Q4 of last year. Regarding active listings, to close out the year we had a total of 6,414 homes, coops, and condos for sale in Queens. That’s up from the 5,407 homes for sale in Q4 2023 and up from the 6,148 homes for sale in the previous quarter. This could be a sign that inventory is finally starting to tick up and if that’s the case, that would be a welcome change to the market.
With all that said, right now what we’re seeing in the market is that buyers are still out there, and surprisingly, they appear to be very active. For example, all of the properties that we listed in January have gone into contract, and all of them had multiple offers. One was a single family, one was a two family, and one was a coop so the demand was broad and across property types.
All in all, it looks like homebuyers have become used to the current mortgage rates, and although we are sure that many people have remained on the fence, it’s pretty clear that a lot of people still see the value in owning vs renting. To start the year it does feel like there is more seller activity so if that is an indication of market wide changes, then we could be in for a year of higher inventory which would help a lot of the buyers out there. We don’t anticipate a flood of new listings to hit the market, but we do think that there will be more sellers coming off the fence as they start to accept the fact that mortgage rates will likely not be coming down significantly for a while.
As always, if you’re looking to sell in the next year or two, we would advise you to get a free home valuation so that you can see what your home is worth right now, and what small repairs/improvements you can make to add value to the property. And if you’re looking to buy within the next year or two, we strongly encourage you to speak with a lender and see what you can get approved for now. Even if you can’t get pre-approved, or if the amount is not realistic for this market, at least you can get some guidance on what you have to do in order to be ready in the future 🙂
Well that’s it for this quarter. We’ll continue to watch the market and keep you posted on any new developments.
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Month’s Supply
What is Month’s Supply? Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale.
Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.
Month’s Supply in Queens NY
………. # Homes currently Available for Sale: 3,546
………. Average # of Homes selling each month: 586
………. Month’s Supply: 6.1
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Closed Home Sales
The One Key MLS reported a total of 2,171 closed home sales in the 4th quarter of 2024. This was DOWN 1.4% from the previous quarter and DOWN 1.1% compared to the same quarter last year.
Free Home Valuation
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Pending Sales
As for pending home sales, the One Key MLS reported a total of 1,584 pending homes sales in the 4th quarter of 2024. This was DOWN 15% from the previous quarter and UP 8.9% compared to the same quarter of last year.
Median Home Price
As for Home Prices, the One Key MLS reported a median home price in Queens of $630,000 that’s UP 0.1% from the previous quarter and UP 11.3% compared to the same quarter last year.
Mortgage Rates
Mortgage Rates Score Another Victory Against Excitement
Tue, Feb 4 2025, 4:26 PM
If you like your mortgage rate movement boring and minimal, this week’s for you (and last week, and the week before that). Going all the way back to January 17th, the average lender hasn’t changed their top tier 30yr fixed rate quote by more than 0.05%, and has been operating in an overall range of 0.07%.
To get an idea of how narrow that is, a typical highly volatile day involves rates moving by more than .12%. In stark contrast, the average rate hasn’t changed by even 0.01% since last Thursday.
This stability isn’t for lack of apparent inspiration for volatility. Clearly, there are plenty of political developments in the first month of any new presidential administration. Those developments have indeed translated to small scale, in-range volatility in the markets that determine interest rates, but they’ve largely canceled each other out, or been canceled out by other events.
Despite the calm, we wouldn’t advocate a complacent attitude looking forward. Rates can still be impacted by economic data and the next 6 business days bring the heaviest hitting reports of the month (chiefly Friday’s jobs report and next Wednesday’s Consumer Price Index).
New Listings
As for New Listings, the One Key MLS reported a total of 2,462 new listings in Q4 2024. That’s DOWN 20.1% from the previous quarter and UP 4.6% compared to the same quarter last year.
Queens Real Estate Market Report: Q4 2024, provided by the Queens Home Team at Keller Williams Realty Landmark II. Have a Question? Contact Us anytime.
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The Queens Home Team is a group of friendly, service driven real estate agents in Queens NY. Our team members are not only experts at what they do, but more importantly, they are driven by their desire to help people. The team approach is what truly separates us from the average Queens broker, because while most agents are one person doing several things, we have several agents doing one thing, and being great at it! This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve. We understand that real estate is a service industry, therefore we treat it as such. Rest assured that when you work with the Queens Home Team, you’ll be in good hands, with people who care 🙂
*The opinions expressed in This Queens Real Estate Market Report are intended to supplement opinions on real estate expressed by local and national media, local Queens real estate agents and other expert sources. You should not treat any opinion expressed on this report as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. The Queens Home Team at Keller Williams Realty Landmark II does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. The Queens Home Team will not be liable for any loss or damage caused by your reliance on information contained in this report.